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TD Ins won`t cover water damage...30days vacant.

dobiso

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I have rental property in Red Deer with a home insurance for it at TD. The tenant moved out on May 29. My property management company clean up the house and got it ready for showing. The house did not rent for 2 months. All of a sudden, we get plumbing leak from the kitchen and soaked 1 of the basement room. There are no temperature changes. This all happen in July - summer. TD tells me they won`t cover the water damage because the property is vacant for more than 30 days. I reply saying, we did not abandon the property... i have a property management company looking after it.

Anyone had experience with insurance companies trying to weizel there way out of coverage ?

Am pissed.
 

Nir

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I hear more and more stories like yours. This is ssoooo frustrating! waiting to read other people’s experiences..
I recently had a case of a neighbor`s tree falling on my property due to extreme weather/wind, causing some damage.
will probably be covered though. Regards.
 

invst4profit

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I have heard of companies not covering beyond 30 days unless they are informed in advance that unit will be vacant.
No first hand experience.
 

SamEfford

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My insurance company, AMA, asked how often the properties would be inspected if vacant as it must be inspected every 30 days according to their policys. Seems AMA has the same policy as TD.
 

dobiso

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QUOTE (SamEfford @ Aug 25 2009, 06:33 PM) My insurance company, AMA, asked how often the properties would be inspected if vacant as it must be inspected every 30 days according to their policys. Seems AMA has the same policy as TD.


Sam, AMA is much better it seems. TD wants someone to inspect the property every 7 days when its vacant. If its vacant for 30 days or more, it is no longer covered regardless if someone looks after it every 7 days. I argued with them because I did not abandon the property. They say that it is still vacant for more than 30 days. To me, they are just trying to weasle there way out of this.
 

Thomas Beyer

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QUOTE (dobiso @ Aug 25 2009, 02:14 PM) ..

Anyone had experience with insurance companies trying to weizel there way out of coverage ?

Am pissed.
Study the policy .. what does it say ?

Maybe you are the weasel ?

30 days is a tad short .. but that may be the wording. Often it is 60 or 90 days .. but they may have changed the policies lately.

You can always take them to small claims court later if you have cause for their breach of contract !

btw: your English and spelling has to improve to be a serious real estate investor !! [I am an immigrant, too ..]
 

HeatherBrandt

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State Farm says must have walk through every 72 hours when vacant, says it would be prudent to create a form with date of inspection and initials/signature of person who did the inspection.

Property will be covered for 29 days vacant, not on the 20th day. You have to let them know before the 30th day and pay an extra premium (I think it was $50) and then the property is covered for as long as it is vacant. Have to call when no longer vacant. Being the lazy sort, I asked if I could just pay the extra premium up front each year and have them assume it`s vacant. They wouldn`t go for it.

PS-if was our PM who strongly encouraged all their customers to check with their insurance companies to see what was expected during times of vacancy. Obviously I would be paying the bill for someone to check it every 3 days.
 

Nir

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Hello Heather, as a REIN member perhaps you can change "Pharmacist" to "Real Estate". True - some investors may lose their mind before others do and require some pills. not sure how many clients you`ll find here though :)
 

dobiso

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btw: your English and spelling has to improve to be a serious real estate investor !! [I am an immigrant, too ..]



Thanks Thomas. I`ll have to run spell checker before I post something.
 

jwilbrin

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QUOTE (thomasbeyer2000 @ Aug 25 2009, 08:02 PM) Maybe you are the weasel ?
btw: your English and spelling has to improve to be a serious real estate investor !! [I am an immigrant, too ..]

Thomas, I always enjoy reading your posts and really respect and value the information and advice you so generously share, however, I have to say your last comment to dobiso was uncalled for and quite disrespectful. Refer back to Rule #1 of the MYREINSPACE Forum:

"This is a friendly forum and we expect you to fit in. Do not directly or indirectly insult other members
; respect must be shown for all ethnicities, genders, sexual orientations, and creeds..."

Maybe your comment reads harsher than what you intended. I know things can often be misinterpreted in print.

I would like to tell you about a gentleman I had the pleasure of meeting back in April. He is in his late 70`s; immigrated to Canada in 1970. He still has a heavy accent and struggles with his grammar and punctuation but this certainly has not hindered his efforts to acquire many extremely valuable downtown Calgary and Edmonton multi family buildings with suites of 40 plus per building. He acquired all his buildings on his own with no investor money; he took no real estate investment courses and self manages all his buildings. He may struggle with his command of the english language but he has a portfolio that would have all of us in this forum drooling and a success story like none other here.

Who here hasn`t struggled with their spelling and grammar? I`m sure if I read my post again tomorrow I`ll probably find some typos or grammar errors.
 

Thomas Beyer

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QUOTE (jwilbrin @ Aug 26 2009, 12:09 AM) ...

Maybe your comment reads harsher than what you intended. ...

Who here hasn`t struggled with their spelling and grammar? I`m sure if I read my post again tomorrow I`ll probably find some typos or grammar errors.
indeed ..

HOWEVER: this is a (English speaking) forum in writing .. so efforts should be made to type properly .. and to learn the grammar !

I did not mean to insult anyone. Just to make a point.
 

HeatherBrandt

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QUOTE (investmart @ Aug 25 2009, 09:15 PM) Hello Heather, as a REIN member perhaps you can change "Pharmacist" to "Real Estate". True - some investors may lose their mind before others do and require some pills. not sure how many clients you`ll find here though :)


Investmart,

(I think this is topic jumping but) You may have a point, but consider how the traits of a good pharmacist are beneficial for a successful real estate investor:

1. In surveys that ask participants to assign trustworthiness to various professions, pharmacists are at or near the top.
2. Pharmacists know how to document which generally leads to good planning, organizing, and follow up.
3. Pharmacists must navigate bureaucracy on a daily basis, lots of practice solving problems!
4. Not intimidated at the prospect of making cold calls (in my case, making the call to a recently deceased patient`s spouse for the return of drug administration equipment, so another patient can have his last days more comfortable).
5. Endures interruptions all day long and still perseveres to the intended end point.
6. Daily practice of communication skills in difficult/embarassing situations.
7. Belief/responsibility in continuing (practical) education.
8. Accept responsibility of medication management in life altering situations (in my case: chemotherapy, methadone, intravenous narcotics, injection administration, pharmacist prescribing).
9. Another source of local economic indicators (is there an increase in customers who have lost their drug plan due to job loss, are more people on social services, are less people having medications refilled on time, are more people choosing to keep smoking than trying to quit?, is there an increase in prescriptions for pain killers, muscle relaxants, antidepressants or anti-anxiety agents?)
10. Interact with a huge number of diverse groups, excellent networking opportunities.


I`m aware that many people have no use for medications or pharmacists, but it is what I`ve chosen to do as my j.o.b., sometimes it is even a c.a.r.e.e.r.!

The reason for indentifying myself as a pharmacist is two fold: my potential customers are pharmacy owners (not pharmacy users) and those interested in real estate investing.

1. Pharmacy owners have urgent needs for a contract pharmacist. There are pharmacist shortages now, they will increase as baby boomers decide to slow down. Many new grads are offered more to practice in the USA. Pharmacist owners are well known to have more money than time!

2. I think this is my "unfair advantage" (everyone has one, what`s yours?).
I am an educated person (university, residency) in a "secure" profession with the means and ability to take calculated risks; an ethical and moral standard that guides my decisions (some regulated by law and professional body) coupled with good communications skills, information seeking abilities, a wide network of professionals, and a stable, healthy personal life (okay, I get 50 % credit for marrying the right person!) who owns 20 doors using very little of our own money.

Okay, enough self-aggrandizement.

Regards,
 

Aneta

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QUOTE (invst4profit @ Aug 25 2009, 05:47 PM) I have heard of companies not covering beyond 30 days unless they are informed in advance that unit will be vacant.
No first hand experience.

It is normal for insurance companies to have such a clause in their policy...the vacancy length varies...my vacancy allowance expires after 60 days. As a diligent investor, you have to notify company of vacancy and, at least in my experience, insurance company let me purchase a vacancy permit (in 30 day terms). I understand why a regular policy may not cover vacancy...you can have a breakin, squatters or damage, such as a flood, that is not identified immediately and escalates a problem. I tried myself to reason with the insurers that someone is literally showing property everyday and that the next door neighbour is keeping eye out. They don`t care, they just have rules and no exceptions. In my opinion, just pay the premium (mine was $50 for 30 days) and then you can sleep at night knowing it is covered. You have bigger things to worry about, like filling the unit, rather than rolling the dice and trying to save a few bucks.
 

RedlineBrett

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I had home insurance through TD Melloche Monnex back when I was an engineer.

When I moved out and turned it into an income property I had to get a different insurer because TD Melloche Monnex didn`t do rental properties.

There could be a clause in your insurance that the property can`t be a rental! I`d check that first before getting tough with TD.
 

Aneta

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QUOTE (RedlineBrett @ Sep 2 2009, 05:16 PM) I had home insurance through TD Melloche Monnex back when I was an engineer.

When I moved out and turned it into an income property I had to get a different insurer because TD Melloche Monnex didn`t do rental properties.

There could be a clause in your insurance that the property can`t be a rental! I`d check that first before getting tough with TD.


I am an engineer and actually do hold home insurance with TD Meloche Monnex. When, I added my rentals to the mix, it was very difficult and time consuming getting through all the interview questions and finally getting it approved. The was no consistency between the agents I spoke to. I sense rentals (and out of province rentals) are not their specialty.

Since then, I have move my rentals to the REIN endorsed insurance company Park Insurance, and it has been like night and day. Application is straight-forward, you get really fast turnaround and the coverage is very comprehensive. The vacancy allowance is stated clearly in the policy. I recommend checking them out.
 
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